HMRC One to Many Letter - remittance basis charge
HMRC’s Wealthy team are sending out letters to less than 100 taxpayers whom HMRC believe should have paid a remittance basis charge in 2022/23. Those who have been resident for 7 out of 9 years, and those for 12 out of 14 years will receive separate letters outlining the need make amendments to their returns and pay the £30,000 or £60,000 charge respectively, or move to the arising basis, within 60 days of the letter. The letters state that failure to correct any errors could be met with prompted disclosure penalties as well as additional tax and interest.
Assisting clients with making disclosures to HMRC - guidance for CIOT members
The CIOT has produced guidance for members assisting clients who may have additional tax liabilities to disclose to HMRC – see Assisting clients with making disclosures to HMRC - guidance for CIOT members (link below). It explains the different processes through which taxpayers can make disclosures and explains that members should choose the disclosure service which is most appropriate for their client’s circumstances given all the issues to be corrected and the reason(s) why the inaccuracy(ies) occurred.